Austria: Schoenherr advises UNIQA in major corporate restructuring

14 October 2016 | deal news

Schoenherr has advised UNIQA Insurance Group AG ("UNIQA") in the largest corporate restructuring within the Austrian insurance industry in 2016. The restructuring of the Austrian insurer was completed precisely on schedule and recorded in the commercial register on 1 October 2016.

The restructuring process was highly complex, involving several reorganisational steps intended to streamline UNIQA's Austrian primary insurance operations. Part of the restructuring process included the merger of three primary insurers operating in Austria into the single entity of UNIQA Österreich Versicherungen AG ("UNIQA Österreich"). With this merger, UNIQA Österreich will become UNIQA's sole Austrian primary insurance company. The sales partnership with Raiffeisen Bank in Austria will be maintained by retaining the Raiffeisen Versicherung brand with its specific products and solutions.

"Schoenherr is pleased to have supported UNIQA in this important reorganisation. Owing to our transactional expertise in the insurance sector and our comprehensive knowledge of the UNIQA Group, the merger was completed swiftly within a short time frame," commented Roman Perner, Schoenherr Vienna corporate/m&a partner.

UNIQA Group is one of the leading insurance groups in its core markets of Austria and Central and Eastern Europe (CEE). With 22,000 employees and exclusive sales partners, UNIQA serves more than 10 million customers across 19 countries.

The team advising UNIQA was jointly led by Roman Perner (partner, corporate/m&a) and Peter Feyl (partner, banking, finance & capital markets), who were supported by Stefanie Wöss (attorney at law, corporate/m&a) and Matthias Pressler (senior associate, banking, finance & capital markets).